This quiz works best with JavaScript enabled. Home > Production > Productivity > Productivity – Quiz 2 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Productivity Quiz 2 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What are the central concerns of economics? A) How to get money and how to keep it. B) Resource use, production, and distribution of goods and services. C) Making decisions about who owns what and how they got it. D) The differences between goods and services. Show Answer Correct Answer: A) How to get money and how to keep it. 2. Which of the following is NOT an example of a government induced source of structural change? A) Reduced level of protection. B) Taxation reform. C) Deregulation of the labour market. D) Technological change. Show Answer Correct Answer: D) Technological change. 3. Baker buying 1000 pounds of flour for his business A) Producer goods. B) Intermediate goods. C) Final service. D) Consumer good. Show Answer Correct Answer: B) Intermediate goods. 4. In the cupcake business above, Becky, Betty and Bob each have different jobs because they want to: A) Learn different jobs. B) Make more cupcakes. C) Increase the price of the cupcakes. D) All of the above. Show Answer Correct Answer: B) Make more cupcakes. 5. In command economies, who makes the final decision whether to produce cheap cars for the working class or luxury cars for the rich and powerful? A) Consumers in the market. B) Managers of auto factories. C) The World Trade Organization (WTO). D) Government officials. Show Answer Correct Answer: A) Consumers in the market. 6. To be responsible with our money, we need to not only spend money wisely but also A) Share some. B) Save some. C) Share and save some. D) Use it as wallpaper. Show Answer Correct Answer: C) Share and save some. 7. A measure of output per unit of input A) Product. B) Production. C) Productivity. D) Economic growth. Show Answer Correct Answer: C) Productivity. 8. What is an advantage to a country of having an efficient commercial banking system? A) It controls the money supply. B) It discourages spending. C) It encourages tax evasion. D) It enables investment. Show Answer Correct Answer: D) It enables investment. 9. Olivia's parents pay for her piano lessons. Instead of going to a movie, Olivia plays the piano at her lesson on Saturday. What type of cost has occurred for Olivia? A) Marginal Cost. B) Fixed Cost. C) Opportunity Cost. D) Variable Cost. Show Answer Correct Answer: C) Opportunity Cost. 10. What does productivity mean? A) Productivity is how products are made. B) Productivity is a measure of how many workers a business has. C) Productivity measures efficiency. D) Productivity measures effectiveness. Show Answer Correct Answer: C) Productivity measures efficiency. 11. Which of the following represents marginal cost? A) Mortgage payments. B) The sum of fixed costs and variable costs. C) Wages and raw materials. D) The cost of producing one additional unit. Show Answer Correct Answer: D) The cost of producing one additional unit. 12. One of the benefits of increasing productivity is: A) More workers will be employed. B) Total production will increase with the same number of workers. C) Average costs will stay the same. D) Fewer raw materials will be needed to produce the same level of output. Show Answer Correct Answer: B) Total production will increase with the same number of workers. 13. Which of the following countries' economies has the fewest elements of a command economy and the most elements of a market economy? A) Sweden. B) France. C) Germany. D) The United States. Show Answer Correct Answer: A) Sweden. 14. Which of the following is the best definition of 'an increase in efficiency'? A) Higher output levels than last year. B) Lower total costs of production. C) Fewer workers employed but output level remains the same. D) 10% more workers employed and output also rises by 10%. Show Answer Correct Answer: B) Lower total costs of production. 15. What term do we use to describe items that are necessary for survival? A) Scarcity. B) Shortage. C) Need. D) Want. Show Answer Correct Answer: C) Need. 16. Which of the following is NOT a factor of production? A) Capital. B) Land. C) Labor. D) Money. Show Answer Correct Answer: D) Money. 17. An aim of microeconomic reform is to A) Lower firms' production costs. B) Increase aggregate demand. C) Increase wages growth. D) Eliminate excess capacity. Show Answer Correct Answer: A) Lower firms' production costs. 18. What did Henry Ford do in order to make the monotony of the assembly line more acceptable to the workers? A) He provided free coffee for the workers. B) He increased pay to $ 5 per day. C) He made his factories play music for the workers. D) Workers received free uniforms. Show Answer Correct Answer: B) He increased pay to $ 5 per day. 19. Are the tax rates higher in the United States or in Western Europe? A) The United States. B) Western Europe. C) Taxes are very high in both the United States and in Western Europe. D) Taxes are very low in both the United States and in Western Europe. Show Answer Correct Answer: A) The United States. 20. The most accepted argument in favor of market economies is their efficiency. The argument most accepted in favor of command economies is the belief that they are A) More efficient. B) More traditional. C) More religious. D) More fair. Show Answer Correct Answer: A) More efficient. ← PreviousNext →Related QuizzesProduction QuizzesProductivity Quiz 1Productivity Quiz 3Productivity Quiz 4Productivity Quiz 5 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books